THIS AGREEMENTThis Real Estate Joint Venture Agreement (the “Agreement”) is entered into this _ day of _, 20_ (the “Effective Date”), by and between ___(Party 1)___, a Maine corporation with its principal place of business located at ___(Address)___, and ___(Party 2)___, a Maine corporation with its principal place of business located at ___(Address)___ (collectively referred to as the “Parties”).
RECITALSWHEREAS, the Parties wish to combine their respective resources, talents, and skills for the purpose of acquiring, developing, improving, leasing, managing, and selling real property in Maine; NOW, THEREFORE, in consideration of the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:
FORMATION AND NAMEThe partnership of the Joint Venture shall commence on the Effective Date of this Agreement and shall continue until terminated as provided in this Agreement. The name of the Joint Venture shall be ___(Joint Venture Name)___.
CONTRIBUTIONSThe Parties shall each make an initial contribution to the Joint Venture. ___(Party 1)___ will contribute ___(Contribution Description)___, and ___(Party 2)___ will contribute ___(Contribution Description)___.
DISTRIBUTIONDistributions of cash or other assets of the Joint Venture shall be made in proportion to the Parties’ respective Percentage Interests.
MANAGEMENT AND CONTROLThe management and control of the Joint Venture shall be vested exclusively in the Parties. Each Party shall have one vote. Any decisions affecting the Joint Venture shall be made by a majority vote of the Parties.
ACCOUNTING AND RECORDSThe Joint Venture shall maintain accurate and complete books of account and records of the Joint Venture’s business. Each Party shall have the right to inspect and copy the books of account and records at any time.
DISSOLUTION AND TERMINATIONThe Joint Venture shall continue until it is terminated by mutual agreement of the Parties, by the occurrence of an event that makes it unlawful for the business of the Joint Venture to be carried on or for the Parties to carry on business in partnership with each other, or by the sale or other disposition of all or substantially all of the Joint Venture’s assets.
GOVERNING LAWThis Agreement shall be governed by and construed in accordance with the laws of the State of Maine.
DISPUTE RESOLUTIONAny disputes arising out of or relating to this Agreement shall be resolved through binding arbitration in the State of Maine.
ENTIRE AGREEMENTThis Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior agreements, understandings and negotiations, both written and oral, between the Parties with respect to the subject matter of this Agreement. ___(Party 1)___
Date: ___________________________ NOTE: This is a form and general template of a Joint Venture Agreement; it may not fit your specific business needs. It is recommended to seek the counsel of an attorney to create a document that will meet the specific needs of your business. State law, including Maine law, may impose various requirements and restrictions on the form and content of a Joint Venture Agreement.
If you’re exploring a partnership in real estate, our Real Estate Joint Venture Agreement Maine can help stipulate the terms of your collaboration.
In case you’re considering buying property, the Contract for Deed Template Maine provides a useful framework for seller financing.
For those looking into leasing, the Contract for Rental Property Maine helps to lay out the rental agreement between landlord and tenant.
And, if you’re ready to go ahead with selling property, you can refer to our Contract for Sale of Real Estate in Maine as a useful guide.